Friday June 14, 2024

Energy firms to go green

By Our Correspondent
March 30, 2023

ISLAMABAD: Five exploration and production companies have signed a memorandum of understanding (MoU) to explore and pursue green hydrogen opportunities within and outside Pakistan, a statement said on Wednesday.

The companies include Oil and Gas Development Company Limited (OGDCL), Pak-Arab Refinery Limited (PARCO), Pakistan Petroleum Limited (PPL), Mari Petroleum Company Limited (MPCL), and Government Holdings Private Limited (GHPL).

The collaboration aims to drive energy transition towards a more sustainable future, leveraging each company's expertise and resources.

The MoU was signed by Ahmed Hayat Lak, MD/CEO OGDCL; Shahid Mahmood Khan, MD PARCO; Imran Abbasy, MD/CEO PPL; Fahim Haider, MD/CEO MPCL; and Masood Nabi, MD GHPL on behalf of their respective companies.

Federal Secretary of Petroleum Division, Capt (R) Muhammad Mahmood, witnessed the signing ceremony held at the OGDCL head office, Islamabad.

Under the collaboration, the companies will consider joint venture projects and areas of mutual cooperation for green energy initiatives. They will also establish a joint fund to raise equity for hydrogen projects. As a first step, feasibility will be conducted to formally initiate the project.

“This collaboration is a significant step towards building a more sustainable future for Pakistan and beyond,” Muhammad Mahmood stated.

Ahmed Hayat said, “We are confident that by leveraging our collective expertise and resources, we can accelerate the energy transition and create a greener, cleaner, and more prosperous future.”